Press Release Details

    WYOMISSING, Pa.--(BUSINESS WIRE)--June 23, 2003--

            Appointment of Gaming Industry Veteran Reflects
             Ongoing Focus on Operational Management Depth

Penn National Gaming, Inc. (Nasdaq:PENN) announced today that Leonard M. DeAngelo, 51, has been named Executive Vice President of Operations, a new position at the Company.

The appointment, subject to regulatory approval, reflects a continuation of Penn National's strategy to attract proven gaming industry executives to manage the Company's regional gaming properties.

In his new position, DeAngelo will be responsible for working with Penn National's property General Managers in overseeing all operating functions at the Company's six dockside gaming facilities, pari-mutuel horse racing facility with slots, land-based casino, and Canadian casino management contract in areas such as slot and table operations, casino administration and credits, budgets, regulatory affairs and marketing. DeAngelo will report directly to Penn National President and Chief Operating Officer, Kevin DeSanctis.

Leonard DeAngelo brings over 23 years of gaming industry and hotel and restaurant management experience to his new position as Executive Vice President of Operations. Prior to joining Penn National, Len served as President of The Atlantic City Hilton Casino Resort, which generates nearly $400 million in annual revenues and employs over 3,000 people. Under his leadership, and during the recent economic decline, The Atlantic City Hilton Casino Resort maintained record levels of profitability through selective cost control, innovative target marketing and the initiation of prudent capital expenditure projects. The Atlantic City Hilton property leads the market in total gaming revenue per square foot of casino space and during the first five months of 2003 it achieved the second highest revenue growth in the market. Prior to being named President of the Atlantic City Hilton, Len DeAngelo served as a Corporate Senior Vice President of Casino Marketing with Sun International. In this capacity, he created and managed the Casino Marketing National Branch Office network in support of the Atlantis, Paradise Island property in the Bahamas and the Resorts International operations in Atlantic City. He was also responsible for information technology initiatives relating to the casinos, including operations, marketing, data warehousing and online projects.

Len DeAngelo's other senior level gaming and hotel industry experience includes serving as President of the Sands Hotel and Casino in Atlantic City, NJ from November 1995 to December 1997. In addition to managing the operation of the casino hotel, Len DeAngelo was responsible for all regulatory and compliance issues, capital budgets and future development strategies. He served with the Sands in other executive positions beginning in 1983, holding the titles of Director of Casino Administration, Vice President Casino Administration and Senior Vice President before being named President. He began his career in the gaming and hotel industry in 1979 at Bally's Park Place Hotel and Casino in Atlantic City.

Peter M. Carlino, Chief Executive Officer of Penn National commented on the appointment, "As Penn National has grown, we have placed a high priority on ensuring that we have the gaming industry's best corporate and operating executives. Our strategy of appointing proven executives to oversee corporate strategy, operations and our financial and legal departments has been instrumental in our ability to deliver growth and we are confident that Len's contributions will support our efforts to continue to derive strong returns from our portfolio of gaming assets."

DeSanctis stated, "I am delighted to be re-united with Len DeAngelo who brings to Penn National a broad set of gaming management skills in areas including marketing, slot operations, casino administration and regulatory affairs. With Len's appointment we are further strengthening our operating management capabilities with another gaming executive who brings an extensive career of accomplishments to the Company."

Leonard DeAngelo added, "Penn National has built a formidable set of regional gaming assets that are performing very well in their respective markets. I look forward to working with the GMs and their staffs at these properties and with Kevin and the corporate management team in delivering great entertainment to our patrons and excellent returns on Penn's investments."

Leonard DeAngelo earned a Masters of Business Administration degree, with a concentration in investment management, financial analysis and information systems, from the Wharton Business School at the University of Pennsylvania. He graduated with a degree in Mechanical Engineering from Carnegie-Mellon University in Pittsburgh.

Penn National Gaming owns and operates: three Hollywood Casino properties located in Aurora, Illinois, Tunica, Mississippi and Shreveport, Louisiana; Charles Town Races & Slots(TM) in Charles Town, West Virginia; two Mississippi casinos, the Casino Magic - Bay St. Louis hotel, casino, golf resort and marina in Bay St. Louis and the Boomtown Biloxi casino in Biloxi; the Casino Rouge, a riverboat gaming facility in Baton Rouge, Louisiana and the Bullwhackers casino properties in Black Hawk, Colorado. Penn National also owns two racetracks and 11 off-track wagering facilities in Pennsylvania; the racetrack at Charles Town Races & Slots in West Virginia; a 50% interest in the Pennwood Racing Inc. joint venture which owns and operates Freehold Raceway in New Jersey; and operates Casino Rama, a gaming facility located approximately 90 miles north of Toronto, Canada, pursuant to a management contract.

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may vary materially from expectations. Although the Company believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from the Company's expectations. Meaningful factors which could cause actual results to differ from expectations include, but are not limited to, risks related to the following: successful completion of capital projects; the activities of the Company's competitors; the existence of attractive acquisition candidates; the Company's ability to maintain regulatory approvals for its existing businesses and to receive regulatory approvals for its new businesses; the passage of state or federal legislation that would expand, restrict, further tax or prevent gaming operations in the jurisdictions in which the Company operates; the Company's dependence on key personnel; the Company's inability to realize the benefits of the integration of Hollywood Casino Corporation or any other acquired entity; the maintenance of agreements with the Company's horsemen and pari-mutuel clerks; the impact of terrorism and other international hostilities and other factors as discussed in the Company's filings with the United States Securities and Exchange Commission. The Company does not intend to update publicly any forward-looking statements except as required by law.

    CONTACT: Penn National Gaming, Inc., Wyomissing
             William J. Clifford, 610/373-2400
                 or
             Jaffoni & Collins Incorporated, New York
             Joseph N. Jaffoni, 212/835-8500
             penn@jcir.com

    SOURCE: Penn National Gaming, Inc.